II 112th CONGRESS 1st Session S. 687 IN THE SENATE OF THE UNITED STATES March 30, 2011 Mr. Conrad (for himself, Mr. Cornyn, Mr. Vitter, Mrs. Hutchison, Mr. Crapo, Mr. Wicker, Mr. Inhofe, and Ms. Snowe) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to permanently extend the 15-year recovery period for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property.

1.

Permanent extension of treatment of qualified leasehold improvement property as 15-year property for purposes of depreciation deduction

(a)

In general

Clause (iv) of section 168(e)(3)(E) of the Internal Revenue Code of 1986 is amended by striking placed in service before January 1, 2012. (b)

Effective date

The amendment made by this section shall apply to property placed in service after December 31, 2011.

2.

Permanent extension of treatment of qualified restaurant property as 15-year property for purposes of depreciation deduction

(a)

In general

Clause (v) of section 168(e)(3)(E) of the Internal Revenue Code of 1986 is amended by striking placed in service before January 1, 2012. (b)

Effective date

The amendment made by this section shall apply to property placed in service after December 31, 2011.

3.

Permanent extension of treatment of qualified retail improvement property as 15-year property for purposes of depreciation deduction

(a)

In general

Clause (ix) of section 168(e)(3)(E) of the Internal Revenue Code of 1986 is amended by striking , and before January 1, 2012. (b)

Effective date

The amendment made by this section shall apply to property placed in service after December 31, 2011.